I picked up one of the $49.95 Bushmaster scopes at CTC on my way to the range.
Like Super7, I set it up side-by-side with a medium-grade Bushnell (60's vintage) spotter. I found the optical quality quite decent for spotting .22 hits at 200 yards. The scope was brighter than the Bushnell, and is about double the power of the one I've been using. The focus knob seems to be in kind of an odd location, but it works fine. The zoom works well and is repeatable. The rotary mounting of the barrel is quite clever. The attached flip-up cover seems sturdy, and the overall fit/finish of the scope seems quite decent.
The best thing you can say about the tripod is that it does, in fact, have three legs. The soft case is not padded, but for $50 I was surprised that it had any kind of case at all. These two downchecks are not dealbreakers.
I spent the afternoon working with this one, and I'm keeping it, although I will be using a different tripod.
I'm sure that the sniper/tac guys will laugh at this thing, and it's probably not designed to be dropped out of an aircraft, but it's a decent piece of kit for an afternoon at the range. For those shooting on the cheap, or for an occasional user, get one.